Bank guarantees as a financial instrument. A bank guarantee is in demand by private business more than ever Bank guarantee as a trade finance instrument

Many trade finance instruments have been in use for hundreds or even thousands of years. Of course modern technologies will change this market as well, but the potential for trade finance with traditional instruments is still very large.

LILIA FIALCO, MAXIM RIGA

Thousands of years of experience

About 4 thousand years ago, the first prototypes of the merchant banks of the Ancient World appeared in Assyria and Babylon. They lent grain to farmers and merchants. In the Middle Ages, Italians already continued the business of merchant banks. Jewish settlers were attracted to the trade, who brought ancient practices from the East. Methods designed to finance long trade travels have been applied to finance the production and trade of grain.

Letter of credit, more precisely, similar to it financial instrument even in the XI century, the Templars proposed. The merchant could deposit funds and receive a receipt in one of the branches of the wide "branch network" of the Templars. The receipt provided food and lodging during the trip and allowed funds to be received in local currency at the final point of the journey. In the 17th century, a similar product existed in France - the letter of credit. The merchant received from his banker a letter to the banker from the city where he was going, with a request to pay a certain amount. The merchant's bank refunded the amount to the paying bank on a preliminary or subsequent basis.

Among the prototypes of the bill, one can note the singraphs and chirographs that arose in Ancient Greece and were borrowed from the Roman Empire. In V ??? century in China, there were similar promissory notes Feiqian securities. Among the Arab prototypes of the promissory note are the hawala and suftaj debt documents. Most likely, it was they who influenced the emergence of the first forms of the bill proper in Italy in the 10th - 10th centuries.

Initially, the holder of a bill was prohibited from transferring rights to other persons. However, by the beginning of the 17th century, restrictions became a deterrent to trade, and they were gradually canceled. Bills of exchange rights began to be transferred by means of a special order of the holder of a bill - endorsement (Italian in dosso - back, ridge, reverse side; the inscription was made, as a rule, on the reverse side of the bill).

The Russian word "bill" comes from the German Wechsel, which means "exchange", "transition". In Russia, the promissory note appeared at the beginning of the 18th century thanks to the development of international trade - at that time mainly with the German principalities.

A Trillion Market

"The volume of world trade in 2013 amounted to $ 18.8 trillion, and the first quarter of 2014 showed an increase of about 4% year-on-year. Approximately 15-16% of this volume was made up of settlements using documentary credit and collection, so the potential of the trade finance market is huge." , Says Tatyana Shalashnikova, head of the documentary operations and trade finance department of Raiffeisenbank.

Natalia Perkhova, head of the trade finance department of Rietumu bank (Latvia), cites somewhat different figures. According to her, in recent years, the volume of trade finance in the world has been declining: in 2013 it amounted to $ 124.1 billion, 32% less than a year earlier. "This year has been very volatile for the markets, and, in all likelihood, based on its results, we will see a continuation of the downtrend," she predicts.

According to Alexander Biryuchinsky, deputy head of the documentary operations and trade finance department of Gazprombank, “the main factors influencing the development of the world trade finance market are the level and volume of world trade, changes in regulatory approaches (in particular, the implementation of Basel III standards), widespread tightening of client verification procedures , the fight against legalization of proceeds from illegal means, as well as the requirements to comply with the sanctions restrictions. "

From the situation in the world economy in general and on international financial markets in particular, the prevalence of certain instruments in the trade finance market also depends. "During periods of economic ups and downs in conditions of excess liquidity in the markets, instruments that allow to simultaneously attract significant amounts of financing for long periods (bond issues, pre-export financing, etc.) become very popular. In times of crisis, in conditions of tight liquidity and growing distrust The role of development institutions, export credit agencies, and other government institutions acting as creditors or insuring the risks of other creditors is increasing in the markets. Transactions involving these institutions allow attracting long-term money on attractive terms even in times of crisis, "Biryuchinsky explains.

“In the context of global instability, many financial institutions limit or even completely curtail the direction of trade finance. Although, on the contrary, we see certain prospects and opening niches in this direction. Over the past five years, Rietumu has been purposefully developing trade finance, which allows us to work successfully in this segment even during the most simple periods ", - says Perkhova and adds that" currently Rietumu is practically the only bank in the Baltic region, specializing in this area. "

Crisis by crisis, but in modern world an industry with a thousand-year history cannot stand still. Perkhova believes that "the world is striving to simplify and accelerate settlements in international trade," and lists the main trends.

First of all, "in world practice there is a tendency to reduce settlements through letters of credit, transactions are carried out on a simpler, faster and more trustworthy basis." “Speed is important, original documents are replaced by electronic ones, electronic mail is used instead of standard mail,” says Perkhova. “In this situation, banks, which are conservative in nature and burdened with many regulatory procedures, must also follow this trend and be flexible, react quickly and make decisions. ".

In addition, "many private investment funds willing to finance international trade. " deposit rates very low and private investors are exploring other possibilities of placing money at a more attractive interest rate. Such funds can afford more flexible approaches (including to various risks) demanded by international trading companies, and are becoming notable players in the trade finance market. "

Compliance has become much more important than before. trading companies as well as the banks that finance them and financial institutions legislative acts and international sanctions. "Everyone has heard a very recent story with the bank trade finance leader." BNP Paribas"which was fined by the US government with a multibillion-dollar fine for financing trade deals with countries under sanctions," Perkhova recalls.

Experts agree that the role of factoring operations is growing in world trade. According to Shalashnikova, "international factoring has received a new impetus in development: in 2013, the growth in the turnover of the factoring market in the world amounted to about 8%."

Over the past five years, according to Shalashnikova, several new trade finance instruments have appeared on the market, "among which BPO (bank payment obligations) can be distinguished." However, experts say that there is no need to wait for fundamental changes in the set of trade finance instruments.

According to Perkhova, the new tools will be of interest primarily to small and medium-sized companies. "Large corporations certainly have access to financial resources, the situation is worse with the availability of financing for smaller companies. Perhaps the new instruments should address this issue," she says.

Russian question

In the post-Soviet space, despite the fact that the well-known in narrow circles provision on promissory notes and bills of exchange was approved in the USSR in the 1930s, trade financing has been actively developed only in the last 20 years. However, even now in Russia it is not much different from the world one.

“If we talk about the peculiarities of the trade finance market in the post-Soviet space, then, perhaps, it should be noted that they primarily depend on the specifics of legislation and, accordingly, on the regulation of foreign economic activity in a particular country. -that global differences ", - notes Shalashnikova. "In most post-Soviet countries, almost all the main instruments of trade finance are being implemented. However, there are restrictions on products related to the specifics of local legislation (including currency)," Biryuchinsky said. "For historical reasons, the trade finance market in the CIS countries is still relatively young. Domestic banks do not always use all the tools available in the arsenal of traditional trade finance banks with Western roots. Certain restrictions are imposed by the current currency regulation and imperfect customs procedures," says Perkhova ...

According to her, "Russia now accounts for about 9% of the world trade finance market; by the end of 2013, the volume of the Russian market is estimated at $ 11.8 billion." Shalashnikova notes that the Russian portfolio of trade finance transactions showed steady growth in 2013 and in the first half of 2014, even despite the fact that foreign trade turnover in the Russian Federation in January-June of this year decreased by 2% (to $ 396 billion, exports remained at the same level, imports decreased by 5.4%). Here Perkhova is more pessimistic. “By the end of 2014, we can expect a noticeable decrease in market volumes,” she says. And Biryuchinsky adds that Russian market trade finance is significantly influenced by geopolitical factors, including the sanctions imposed on a number of Russian banks, companies and certain types products.

In general, Russia is an attractive market with growth potential, Perkhova is sure. "Classic trade finance is most often applied in commodity trading and commodities(commodities) that these territories are rich in. It is another matter that this potential can be realized in the presence of favorable political, economic and legislative prerequisites, "she says. Although in the short term," the issue of maintaining the achieved level of volumes is more urgent. "

Basic concepts and tools of trade finance

Glossary

Trade finance(trade finance) - an important element of foreign trade and trade operations in the country. Includes a number of instruments for financing and supporting transactions for sale and purchase, import-export.

Trade finance instruments are subdivided into four directions: financing of trade operations in the country, financing of imports, financing of export deliveries, settlement of international transactions.

For financing of trade operations in the country instruments such as forfeiting, bills of exchange, bank guarantees and letters of credit.

For financing of imports you can use a loan guaranteed by the buyer's (importer's) bank, a loan from foreign bank under the insurance coverage of the export credit agency, a loan from a supplier (exporter) under the insurance coverage of an export credit agency, a loan from a foreign bank to a buyer (importer).

For export financing you can apply forfaiting, international factoring, a loan from a bank under the insurance coverage of EXIAR (Russian Agency for Insurance of Export Loans and Investments), a loan from Roseximbank (a subsidiary of VEB), pre-export financing under a supply contract.

For international settlements you can use covered and uncovered bank letters of credit, collection. Here, the letter of credit is used to reduce the commercial risks of delivery (non-delivery of goods, non-refund of payment, etc.).

Letter of credit- the bank's obligation, taken at the request of the client (payer / buyer), to pay a third party (beneficiary / seller) a certain amount upon presentation of documents that meet all the requirements of the letter of credit. The tool is convenient when the parties to the transaction are not ready to work on prepayment or pre-delivery. The buyer can be sure that the bank will transfer funds in favor of the seller of the goods only upon receipt of documents proving that the seller has fulfilled the contractual obligations. The seller receives a guarantee that the bank will make payment for the delivered goods.

Promissory note- a written commitment of a strictly established form, giving one person (the holder of a bill) the right to receive from the debtor on the bill of exchange, defined by document, within the specified time frame. In the case of a promissory note, the debtor is the drawer, in the case of a bill of exchange (draft) - another person indicated in the bill (drawee) who is the debtor in relation to the drawer.

Bank guarantee- a guarantee for the fulfillment by the client of monetary or other obligations, issued by the guarantor bank. In case of failure to fulfill these obligations, the bank that issued the guarantee is liable for the debts of the borrower within the limits specified in the guarantee.

Forfaiting- purchase by a bank or a specialized non-bank forfet company of the rights of claim for accounts receivable client (debts of enterprises to the client, expressed in circulating securities). The bank / company undertakes the obligation in the future not to demand anything from the client if it is impossible to receive payment from his debtor and thereby assumes the risk of the latter's insolvency.

Factoring- complex financial services which a bank or factoring company renders to manufacturers and suppliers in exchange for the assignment of rights to a customer's receivables. Allows companies operating on deferred payment terms to receive cash under already concluded contracts until the buyer pays for goods and services. In the factoring operation, three persons are usually involved: a factor (factoring company or bank) - the buyer of the claim, the supplier of the goods (the creditor) and the buyer of the goods (the debtor).

Pre-export financing- provision of funds by a credit institution to the exporting seller against security in the form of confirmed orders from foreign buyers. Typically, the exporter enters into an agreement with the buyer so that the latter makes payments directly to the credit institution.

Collection- a method of settlement between two parties, in which the exporter instructs his bank to receive payment or acceptance (confirmation that this amount will be paid) directly from the buyer (importer) or through another bank.

Andrey Tyurin, head of the practice of attracting bank financing at KSK Group, spoke with the host of Kommersant FM, Petr Kosenko, about what a bank guarantee is and why such a service has been gaining popularity lately within the framework of the Goals and Means program.

Hello, the program "Aims and Means" is on air. I am Petr Kosenko. And today the guest of the Kommersant FM studio is Andrey Tyurin, the head of the practice of attracting bank financing of KSK groups. Hello Andrey.

Good afternoon.

So, the topic of our today's conversation: "Difficulties on the way of a bank guarantee, or a bank guarantee as a tool for business development." Is the application for a bank guarantee really a rather demanded interest on the part of representatives of various kinds of business?

Now private Russian business is more in demand for this tool. For the past two years, a protracted crisis has been going on in our country, and, of course, companies are looking for a way to earn extra money, and have begun to turn their attention to the government procurement sector. And to work in this sector for 44 Federal law, the provision of bank guarantees is required.

What is a bank guarantee? As a simple layman, I imagine a scheme when an entrepreneur goes to a bank for a loan for a project. And what is a bank guarantee? Is it bank money, or is it potential bank money?

This can be called virtual bank money. The bank guarantees the fulfillment of obligations that our potential client assumes in the event of some kind of force majeure, and if a bank guarantee is demanded by the customer - this is called the disclosure of a bank guarantee - then the client already owes money to the bank, as with a classic loan.

- In other words, is it such an indirect, perhaps, way to get a loan for a businessman?

This can be called one of the forms of financing.

Who today in what areas of business most often resorts to this type of financing or obtaining guarantees for financing?

The activities are very different - they are construction, trade, and the supply of equipment. There are a lot of orders, there are enough for everyone, so for everyone who is interested in developing their business, in increasing revenue, profits, this will be relevant.

How to choose the right partner bank? Because it is absolutely obvious that the conditions will be different for different banks. And, accordingly, as a kind of collateral, the entrepreneur will need to leave all kinds of guarantees, property, and so on.

The most basic thing to start with is to pick up reliable bank-partner. Because we see, every week in the media there is news that this or that bank's license has been revoked. There are absolutely no guarantees that if the bank is large, then the license will not be revoked, because the licenses of the bank in the top 100, top 50 have already been revoked. Therefore, it is important for the client to understand how reliable the bank is. Of course, a client who is a professional in his field cannot be a professional in some other where he does not work. For this, there are consultants who constantly monitor the market, study it, watch the dynamics that is taking place in banks. In particular, in KSK groups we have a powerful analytical center, which is constantly monitored by our partner banks. Banks come to us with proposals for cooperation. We initially look at the conditions that they offer, but after that we will definitely check them thoroughly. If the bank is unreliable, then we refuse to work with such a bank. Based on this principle, we select partner banks.

In terms of conditions, the presence of consultants for the client must be justified. Therefore, for the client, we decide different tasks... We can make exclusive conditions, offer something, somewhere lower the rate, somewhere loyalty in terms of collateral, and so on. Now banks, in order to cover up their risks, ask for collateral from their clients. As a rule, this is a deposit, this is real money. But in my understanding, the economic meaning of this is lost, because if the client had money, he, in principle, guaranteed his obligations with his real money. Then the customer would not be worried. This is logical.

- Wouldn't it make sense, relatively speaking, to go and apply for a bank guarantee?

And pay more money for it, because it's not free. Therefore, for our clients, we, attracting bank guarantees, in addition to choosing a reliable partner bank, we also offer them exclusive conditions. All our clients who apply to us receive bank guarantees without collateral, without collateral. Perhaps, in some other difficult situation, there may be collateral, but it is insignificant, literally 10-15% of the market.

- And do they apply for bank guarantees for what amounts?

The amounts are completely different. KSK groups for the target client is guided by amounts somewhere from 50 million rubles. But this does not mean that if some client comes, and on this moment he will not need this large sum, but he wants to work within the limits, and these limits provide for amounts less than 3, 5, 10 million rubles, we will not work with them. We, of course, will go into this project and will implement it.

Very often business representatives complain about what to get, for example, Bank loan, you need to spend a lot of time besides the effort. How long does it take to conclude a bank guarantee agreement?

The terms, of course, are much shorter than with a loan, but, nevertheless, they are present. Usually, on average, banks take up to two weeks to close this deal. At KSK Group, our transactions are much more dynamic, we actually close the issue in three to five days.

These are some absolutely incredible numbers, even taking into account the fact that the client is a regular, a partner bank. It's very fast anyway. How is this efficiency achieved?

This is already a long experience of working with these banks, well-established processes, mutual understanding. Therefore, another of those points that we offer our clients is efficiency in making some decisions, achieving some tasks.

Your company works with amounts starting from 50 million rubles, you help to obtain bank guarantees. Are there many cases when your clients, for some reason, fail to fulfill all their obligations, and what happens in this case?

Such cases are quite frequent, because banks have rather strict requirements for borrowers, especially now. Therefore, when some non-standard situations arise, it is already difficult to find some kind of understanding with the bank. For this, we need consultants, professionals who, believe me, in this area, basically, face non-standard situations and solve them.

There is a certain, as far as I understand, a black list - these are those companies, those businessmen who once violated the terms of bank guarantees or loans. Are there any chances to fix your tarnished reputation with them? And again, do you help with this?

Companies are blacklisted when they do not fulfill their obligations to the customer. They are blacklisted for two years. Getting out of this list is already unrealistic, so the maximum that can be done is to immediately approach the issue correctly and receive a bank guarantee in a timely manner. According to the regulations of Federal Law 44, there is a certain number of days that are allowed for the provision of this financial product. In order to prevent getting into the blacklist, you need to quickly deal with this. Consultants help with this.

How long has your company been working in this area, and is it possible now to trace some dynamics of demand for this product on the market in recent years? And some forecast for the future: will this area develop?

We have been working since 2008, but in terms of bank guarantees, we have seen such a positive trend, a surge of interest on the part of private business for the last two years. My vision is that this market will grow.

- I beg your pardon, but what is this connected with? Why has the growth started in these last two years?

It seems to me that due to the crisis that occurred in the country and a lot of companies went bankrupt, there were a lot of unreliable customers. Of course, private business began to look and analyze where a way out could be found. And in my understanding, after all, we have confidence in the state, they understand that the state will pay after all. But in order to use these benefits, you need to use these tools. In my understanding, demand will continue to grow due to this, and the volume in this segment will only increase. The growth potential is very high.

- Do you associate this with the fact that it is state projects that will develop?

State projects at the state level.

How many proposals related specifically to private business - with some large projects or foreign partners?

No, there are private projects from Russian companies, they also organize tenders, competitions, for this, bank guarantees are also needed, because the customer also wants to protect himself. The only difference between them is that they can limit, as they see fit, the list of banks from which they will accept bank guarantees. These are mainly the largest banks, state banks, banks with state participation. They accept bank guarantees from them. This, of course, complicates the work, because large banks have very strong requirements for the borrower. There may be a deposit sometimes up to 100%, and some other covenants that the client is not able to fulfill, but, of course, they compensate for this with a rate. For example, the same Sberbank has some of the most low rates in the market, but these rates must be obtained.

If it's not a secret, how much do your services cost, if we speak not in real numbers, but as a percentage of the value of the same transaction or contract?

It all depends on what we have to work with, with what problems. Because to begin with, we analyze the project, look at its weak points, understand how we will solve them, we constantly coordinate this with the client. We have a so-called diary, which we keep, and we are constantly in touch with the client, and, having explained to him what this or that money will be taken for, we already show him the amount of the commission. We have it from 1% and further individually.

- But not from the ceiling in any case, there are absolutely clear calculations and an explanation of why such a sum?

Clear calculations due to which this is achieved. And, among other things, ROI is calculated (return on investment ratio. - "Kommersant FM") - this is what the client will receive a return on the investment, this is also the client, so that he understands what he is paying for.

Andrey, can you give an example of a certain non-standard approach to solving the issue related to bank guarantees?

Oh sure. A client who is engaged in designing recently contacted KSK group. He participated in a contract for 300 million rubles, and he needed a bank guarantee for 60 million rubles. for 10 months. The situation was complicated by the fact that this contract was to be implemented in the Republic of Crimea, and secondly, this client acted in this contract as a subcontractor, and there were very tight deadlines. The client himself tried to get a bank guarantee in banks, but was constantly refused according to these criteria. Our consultants took up this project, analyzed, selected the necessary partner bank, managed to provide him with this service... For this, the client paid KSK groups 2%, and taking into account the bank guarantee for the bank in total, the client paid 2.946 million rubles. But at the same time, his profit under the contract amounted to 45 million rubles. The ROI for the client was 1527%.

- Already have regular customers for whom some privileges are valid?

Of course there is. KSK Group is always focused exclusively on long-term business relationships. Of course, for clients who are constantly with us, there is loyalty in terms of work, in terms of rates.

A bank guarantee is one of the most effective tools to ensure the security of a transaction.

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By its nature, it is a loan product, but many times cheaper. cash loan... For the provision of these services, the bank takes its interest - a commission.

What it is

A bank guarantee is a written obligation of the bank to pay a certain amount of money to the customer in the event that the contractor fails to comply with the terms of the contract.

This tool ensures the proper performance of contractual obligations. For some transactions, this method of risk reduction is the main condition for cooperation.

There are three actors involved in this process:

guarantor - a financial institution that assumes an obligation for a fee (commission);
principal - the executor (debtor) under the main contract, the initiator of the provision of the obligation;
beneficiary - the customer (creditor) under the main contract, whose interests are protected.

Views

The main classification of bank guarantees is based on the type of transaction being secured.

Allocate guarantees:

tender (competitive) - reduces the risks of the customer if the winner of the tender refuses further cooperation;
performance guarantee - guarantees the timely and full delivery of goods, performance of work or provision of services;
payment - ensures timely payment for the work performed or the goods delivered;
advance - guarantees the return of the advance payment in case of non-fulfillment of the terms of the transaction in terms of volume or timing;
customs, tax - ensures the proper fulfillment of obligations to these government agencies.

There are other types, depending on the objectives of the underlying transaction. Bank guarantees are also divided according to other criteria - revocable and irrevocable.

Why do you need a bank guarantee in simple language?

To clarify what a bank guarantee is simple language, it is convenient to use an example.

The scheme of work is as follows:

firm X (principal) enters into a contract for the supply of a consignment of goods with firm Y (beneficiary), which is the customer or purchaser of this product;
firm Y requires guarantees that the terms of the contract will be fulfilled properly - the goods will be delivered in full and within the agreed time;
for this, company X or the contractor under the contract engages a third party - bank Z (the guarantor) for obtaining a guarantee in the form of a written document;
the guarantor bank, for a certain fee, undertakes to pay the agreed amount to Form Y, for example, 30% of the amount of the main contract in the event that firm X does not fulfill it;
upon the occurrence of such a guarantee event, firm X must demand payment of remuneration in writing;
Bank Z will pay the agreed amount to the beneficiary and demand from firm X a regressive refund of the money paid.

There is another way to secure the transaction - a pledge in monetary form, however, for this, the contractor company must withdraw from circulation the required amount of money. This is unprofitable, especially since it is often necessary to attract borrowed funds, which is 8-10 times more expensive.

Stages of registration

The entire registration procedure is described in seven stages:

the emergence of the need to secure the transaction;
search by the contractor under the contract of the guarantor bank;
writing an application for the issuance of a guarantee;
submission of an application and a package of documents to the bank;
checking the client's solvency;
conclusion of an agreement between the bank and the client;
execution of a guarantee agreement;

You can search for a suitable bank yourself or through a broker. You can also contact any branch of Sberbank, which works exclusively directly without intermediaries.

Video: What participants need to know

Package of documents

Giving out guarantee obligation, the bank risks its own funds, which must be paid upon the occurrence of the guarantee with l teaching. In the future, the client is obliged to return these funds, so the bank must make sure that the client is solvent.

The required package of documents depends on the specific bank, but its main components are:

questionnaire, application;
copies of TIN, extract from ERGUL, issued no more than 30 days ago;
a notarized copy of the minutes of the constituent assembly, a copy of the registration certificate;
an up-to-date list of all LLC participants and copies of their passports;
copies of licenses and certificates;
lease agreements or title to premises;
copies of documents authorizing the head and chief accountant, as well as their passports;
a copy of the draft of the secured transaction;
balance sheet, profit and loss statement for Last year;
financial statements for the last six months;
with STS, you need a declaration of income and expenses for the last year, with UTII - a declaration of taxes;
certificate of absence of debts;
report on audit etc.

Also, the bank may require copies of documentation on successfully completed such contracts and similar confirmation of the company's reliability.

Requirements

Before the bank agrees to issue a guarantee, the client will be checked for financial stability.

The firm principal must meet the following requirements:

the period of activity on the market is at least 6 months;
turnovers must correspond to the amount of the obligation;
there should be no unprofitable periods in the reporting, except for seasonal ones;
v credit history there should be no prophesied debts, and sometimes the bank requires no loans;

It is often necessary to have a checking account with the same bank.

Sample

The law of the Russian Federation does not dictate strict requirements for the preparation and outward appearance bank guarantee agreement. But, normative base dictates the basic provisions that must be in this agreement.

Main legislative documents:

for government and municipal contracts- Law 44-FZ;
for certain types of legal entities - Law 223-FZ;
paragraph 4 of Art. 368 part 1 of the Civil Code of the Russian Federation.

Samples of basic documents:

How to check in the register of guarantees

All guarantees issued on the basis of Law 44-FZ, in mandatory entered in the Register. To check, you need to visit the portal of the Unified Information System in the field of procurement. According to Art. 45 clause 11 of the Federal Law No. 44-FZ, the information must be entered into the system within one day from the date of registration of the warranty obligation.

Other guarantees issued on the basis of 223-FZ are not entered in the register, they can be checked on the Central Bank website in the reference section credit institutions... You need to find a bank here, turnover sheet and column No. 91 315 - turnovers under warranty obligations.

In column 91 325 you will see a figure that should be compared with the amount of the guarantee.:

zero or less - turnover does not reflect the issuance of a guarantee;
equal or greater - the bank issues guarantees.

However, with small amounts data are allowed to be entered at the end of the quarter.

List of banks

The Ministry of Finance provides a monthly list of banks that are allowed to issue bank guarantees. Therefore, find information on the list of such financial institutions can be found on the website of the Ministry of Finance.

Justification of receiving

In order for the beneficiary to be able to receive the amount of the remuneration under the guarantee, justifications are necessary.

Such grounds may be:

the contractor did not fulfill the terms of the transaction;
the contractor refuses to provide documents certifying the proper execution of the contract;
in case of violation of the terms of the main transaction by the executor.

List required documents must be spelled out in the warranty agreement.

Cost and an example of its calculation

The final cost of the bank guarantee depends on many parameters of the transaction. The commission largely depends on the subject, amount and duration of the obligation and is 2-10%.

An important factor is the availability of collateral in the form of property or cash collateral, as well as surety. Lack of collateral increases the cost of this loan product almost doubled.

Often the bank sets the minimum commission in the amount of a fixed amount, for example, 10 thousand rubles. The commission cannot be less than this amount even with a guarantee amount of 50 thousand rubles.

Calculation example

Thus, the bank's remuneration is 180 thousand rubles, under the contract - 10 million rubles and guarantee amount on it in 3 million rubles.

Trade finance (TF) is an important part of the transactional services offered by most international banks. It is a payment instrument that at the same time effectively manages the risks associated with doing business internationally.

Implementation method

To succeed in today global market and win sales from foreign competitors, exporters must offer their consumers an attractive selling environment supported by appropriate payment methods. Receiving payment in full and on time is the ultimate goal of every export sale, so an appropriate payment method must be selected to minimize payment risk while meeting the buyer's needs. For exporters, any sale is a gift until payment is received. Consequently, the exporter wants to receive payment in as soon as possible, preferably as soon as the order is placed or before the goods are shipped. For importers, any payment is a donation until the goods are received. Thus, importers want to receive the goods as soon as possible, but defer payment for as long as possible, preferably until the goods are resold to generate sufficient income to pay the exporter.

Payments carry a significant amount of risk, especially when they are made abroad and between relatively new trading partners. The need for exporters to formalize a commercial contract to maximize the risk to their exports is as important as knowing the various forms of trade finance available to close a deal. Trade finance falls into two main categories:

Trade finance guaranteed by a bank (i.e. documentary transactions)
- Letters of credit
- Guarantees
- Collection
Trade finance without bank guarantee
- Open account

Funding requires a unified and standard terminology and nomenclature. A complete picture of where the trade finance market is heading is outlined in existing publications by international associations (eg ICC-SWIFT) that describe reference models and glossaries for trade finance. These documents provide definitions that can serve as a general guideline for banks, their customers and service providers in order to provide basic clarity as the supply chain finance market continues to grow and evolve.

Links

See also the Trade Finance Guide of the US Department of Commerce.

In order to avoid the occurrence of internal and external risks associated with foreign economic activity, modern requirements for the organization of this activity of enterprises provide for the mandatory construction of schemes in international settlements that would be effective. Among such risks, the main one is considered to be the loss of own funds... Therefore, in recent years, in practice, more and more attention is paid to the following forms of ensuring the assumed obligations in the field of foreign trade transactions:

international bank guarantee.

International bank guarantee

These financial instruments are becoming more and more relevant both among suppliers and buyers. This is because both tools are easy to use. In addition, all risks associated with them are borne by the banking institution.

First of all, starting to consider the roles in international settlements that are performed by an international bank guarantee and a standby letter of credit, it is worth clarifying that there is a significant difference between these documents. Basically, both of these banking instruments are the same. And the goal of each is to ensure the obligations assumed by one party to the other, in accordance with the terms of the contract. But standby letters of credit emerged in the United States, where they became popular for use, although issuing bank guarantees in the United States is not a form of banking, which is established by the provisions in the legislation. Following modern trends in the development of banking activities, products of this activity, as well as increasing customer requirements, US banks began to develop a new product. Thus, an exclusively new banking product was created called standby letter of credit. Its use in international trade facilitated the provision of additional security to bank clients in terms of fulfilling their obligations under the contract with respect to counterparties. In addition, banks also enjoyed the advantage of this product. Since in the United States of America there are no restrictions on operations with the use of documentary letters of credit, a new source of income has opened up for US banks.

Unlike a letter of credit, bank guarantees are a classic banking product. Guarantee services are not only offered by banks Russian Federation and Europe, but also banking institutions in other countries. Thanks to many years of experience in the application of bank guarantees, these banks can establish good relationship with clients, providing advice on the design and issuance of bank guarantees, as well as assisting in the selection the best option guarantees, taking into account the nature of the obligations that the guarantee provides.

Thus, both bank guarantees and standby letter of credit are financial instruments that can be used to achieve the same goals. Regarding the features that each of them have, they will be discussed below.

Standby letter of credit

This type of banking product is a type of documentary credit and represents the obligations assumed by the issuing bank in relation to the beneficiary. These obligations may relate to claims for the need for reimbursement received by the applicant sum of money... Or about the return of a prepayment (advance) issued to the applicant. In other situations, they may include requirements for the ordering party to pay the obligation if, for whatever reason, its conditions are not fulfilled. Examples of situations in which a standby letter of credit is used:

If the seller and the buyer have entered into a contract, according to the terms of which the seller must supply goods / provide services to the buyer, then the seller has the right to demand that the buyer provide additional guarantees in relation to the fulfillment of obligations to pay for these goods or services. In such situations, the standby letter of credit provides the seller with confidence that if the buyer does not pay the money, the guarantor party will pay it. In turn, the role of the guarantor is played by the bank that issued this standby letter of credit (issued a bank guarantee).
If, when the seller sells goods to the buyer, the terms of the contract provide for an advance payment in favor of the seller, then the buyer has the right to demand an additional guarantee that the goods will be delivered (services rendered) within the time period specified in the contract and in full. Otherwise, the advance payment must be returned to the buyer. In this case, the standby letter of credit also acts as an additional security for the seller's obligation.

In both the first and second cases, the beneficiary transfers possible risks on non-payment of the amount or non-compliance with the terms of the main contract to a third party that acts as a financial intermediary in settlements between the beneficiary and the principal. The third party issues this standby letter of credit, which will subsequently act to protect the beneficiary from possible risks.

Working for banking market, it is important to understand what is the difference between ordinary documentary letters of credit and standby ones. Their main difference lies in the nature of the obligations that are guaranteed to the beneficiary. In cases of using an ordinary documentary letter of credit, the beneficiary must submit a package of documents that meet the terms of the letter of credit. They will act as evidence of the proper fulfillment of the terms of the contract (the shipment was carried out within the time period specified in the contract). According to the standby letter of credit, the beneficiary will need to provide documents proving the failure to fulfill the terms of the contract on the part of the applicant to the beneficiary.

The standby letter of credit also has a number of features that distinguish it from the usual one:

Payment under a standby letter of credit is subject to the presentation of a specific document, which is a demand for payment due to the fact that the principal has not fulfilled his obligations to the beneficiary in accordance with the terms of the contract. And payment under an ordinary documentary letter of credit can occur upon presentation of the original documents of shipment and others - to the bank.

For a standby letter of credit, payment is made less often, in contrast to a documentary one. This is because the likelihood of the delivery of documents for shipment is much higher than the likelihood of a demand to make payment.
A standby letter of credit is used in settlements under financial / commodity transactions, while an ordinary documentary credit is used only for settlements under transactions of a commodity nature.

Over the years of banking practice, situations arose when standby letters of credit were issued in favor of other banking institutions. This happens in cases where it is impossible to use a direct letter of credit. Or when there is a loan relationship between banks.

Standby letter of credit is a rather flexible bank document. In most cases, it is used in calculations based on trade deals subject to an open account. In this situation, the seller agrees to open a standby letter of credit in his favor. Subsequently, under this letter of credit, payment can be made in the event the buyer fails to pay for the goods delivered to him in accordance with the terms of the contract.

In most cases, the execution of standby letters of credit is carried out upon the first presentation of a written demand from the beneficiary. In order to make a demand for payment of payment, the beneficiary must provide the bank with evidence in writing of the failure to fulfill the obligations assumed by the applicant to the beneficiary.

Often a condition is stipulated in the standby letter of credit for the payment to be issued to the beneficiary immediately. According to him, the bank must make a payment without requiring the provision of evidence of the validity of this requirement, as well as its correctness. First, the bank is obliged to make the payment to the beneficiary.

Consequently, the first risk faced by a bank is that there is a high likelihood of unfair behavior on the part of the beneficiary in terms of making an unproven claim to receive payment under the letter of credit. Accordingly, when working with these banking instruments, as a standby letter of credit, special attention should be paid to a possible increase in the amount of the letter of credit itself, as well as to the special terminology used in the field of application of letters of credit in order to prevent various kinds of misunderstandings.

Bank guarantee

Bank guarantees are a financial instrument, an irrevocable obligation of the bank that issued the guarantee to pay a payment in favor of the beneficiary, if a situation arises related to the failure of the principal to fulfill any obligations to the beneficiary in accordance with the conditions prescribed in the main agreement. The application of guarantees is governed by the current domestic legislation of the country in which the guarantor bank is located. Also, the relationship on the use of bank guarantees is governed by the provisions of the International Chamber of Commerce, which include regulations:

No. 458 "Unified Rules for Payment Guarantees"

No. 325 "Uniform Rules for Contract Guarantees"

These publications control the manner in which bank guarantees can be used. These acts essentially fulfill the same role as normative act No. 500 "Unified rules and customs for documentary letters of credit." Each bank has its own standard bank guarantee form with specific text. At the same time, it should be noted that Act No. 325 has not received universal recognition and therefore is practically not used in modern banking.

The normative acts of the unified rules No. 458 for payment guarantees determines that the guarantee can be used as any guarantee, promissory note, any other obligation of payment that has been issued in writing by a banking institution, insurance organization or other person who guarantees payment of a certain amount of money upon presentation of documents that meet the terms of this written obligation. This warranty can be issued:

in response to a request from the principal, either in accordance with the provisions and at the expense of the principal;
in response to a request from a bank (insurance organization, other party) acting on behalf of / on behalf of the ordering party and in accordance with the instructions of that bank.

Classification of bank guarantees

A bank payment guarantee can be used in situations where the buyer makes a request to pay for the goods on the basis of an open account. At the same time, the seller agrees in response to this demand, but, in turn, requires the issuance of a guarantee in his favor regarding the payment. In accordance with it, the bank undertakes to make a payment to the seller in the event that the buyer does not make payment upon receipt of a document from the seller confirming this.
A loan repayment guarantee that can be used as collateral for a corporate loan. For example, those who are abroad affiliated companies need a loan. The latter can be provided to companies if they provide guarantees of the parent company in response. In the event of a guarantee situation, it will ensure the return of the issued monetary amounts.
A tender bank guarantee, the issuance of which may be requested by the buyer in order to secure the requirements for the conclusion of a contract agreed in advance by the parties. Typically, a tender guarantee (offer guarantee) covers amounts in the range of 1-5% of the total value of the contract.
Guarantee of fulfillment of obligations in accordance with the terms of the contract. Sometimes situations arise when the buyer makes a demand to the supplier's bank to issue him a bank guarantee so that it guarantees the seller's shipment of goods in full and at the exact time specified, according to the terms of the contract. In the event that the terms of the contract are violated by the supplier, the bank will be forced to make a payment to the buyer in the amount of about 10-50% of the total value of the contract.
Guaranteed to ensure the return of the advance. Sometimes the buyer can make a preliminary advance payment in favor of the seller. Consequently, he has the right to demand a counter guarantee for the return of the amount of the advance from the supplier's bank, so that in case of non-fulfillment of the terms of the contract (non-delivery of goods), the supplier's bank will ensure the return of the amount of the advance made in advance.

Bank guarantees and standby letters of credit serve the same purpose. They are used as security for the fulfillment of obligations by one of the parties to the other. Also, bank guarantees can be used in other circumstances, if there is no simple transaction for the supply of goods. Therefore, it is often necessary to issue a guarantee for transactions related to real estate. Such projects in most cases involve the use of tender guarantees (guarantees of the offer). They are used by contractors starting a new project. This guarantee is applied in order to demonstrate its financial capabilities in relation to the fulfillment of the conditions specified in the contract. This bank document can also be used when organizing project financing. Contractors involved in project financing also use bank guarantee services. A specific area of using a bank guarantee can be attributed to the implementation of projects in the field of heavy industry. In such projects, suppliers face the condition of the obligatory provision of a guarantee that ensures the fulfillment of their obligations. In particular, this concerns the fact that the goods supplied in accordance with the terms of the contract will fully comply with them.

Bank guarantees can be:

Direct, which are issued directly to the name of the party that is the beneficiary, and can be advised through his bank (presentation of any obligations by this bank is not required). If situations arise that, for some reason, the potential guarantor bank does not meet the requirements of the beneficiary, then in the calculations of the international plan, a scheme may be relevant where a confirmed international bank guarantee is used.
Indirect (confirmed), when implementing the schemes of which, the issuing bank asks another bank to issue a guarantee in favor of the beneficiary. As a security by the issuing bank of its obligations, it issues a counter document (counter-guarantee) in favor of this local banking institution... This type of bank guarantee is used in cases where, for some reason, the issuance of direct guarantees is prohibited. Or in situations where the beneficiary makes a demand for the issuance of a guarantee to a specific local bank.